Despite raising ₹27 crore from investors, Voler Car’s initial public offering (IPO) had a lackluster start to the stock market. Shares dropped to ₹85.50 soon after the listing price of ₹90. The IPO’s high subscription rate showed strong investor interest.
Voler Car IPO Listing:
On Wednesday, Voler Car shares went public on the NSE SME platform for ₹90, which is also the price they were issued. But after listing, the shares fell 5% to ₹85.50, the lowest price range.
Investors responded well to the Voler Car IPO, as evidenced by the fact that at the end of the third day of the bidding process, the issue had been subscribed 13.62 times. The retail sector had subscribed for the IPO 13.94 times, the QIB category 9.34 times, and the NII category 18.56 times.
Voler Car’s grey market premium, or GMP, was +5 ahead of listing. This showed that Voler Car shares sold for ₹ five more than the issue price. Additionally, it indicated that investors anticipated Voler Car shares to list for ₹95, which was 5.56% more than the issue price of ₹90. However, investors were dissatisfied with the listing.
About Voler Car:
The Voler Car IPO was a ₹27 crore book-built issuance that included a new 30 lakh share sale. Voler Cars Limited was founded in 2010 and provides trustworthy and efficient employee transportation services (ETS) to corporate clients and large multinational organizations.
The firm offers complete home-to-office transportation services with more than 2,500 vehicles, including cars, SUVs, electric vehicles, buses, and Tempo travelers, as well as dedicated teams and 24-hour customer assistance.
Voler Car plans to use the issue’s net proceeds to pay for the company’s working capital needs, general business needs, and IPO-related costs.
